CHARLOTTE – Hey Tax Payer. How would you like a Nonreportable Cash Gift?
So, Let’s Get To It…
You know you can give to charity and report the gift as a donation on your taxes. How would you report it if you were the one receiving the gift? Do you think you will have to report it as income?
The answer is no, but also yes. Let me explain…
According to the “Tax Rules” Cash gifts can be taxed from 18% to 40% which depends on the size of the gift that is being given. You can receive a gift that is worth thousands to Millions of dollars and pay thousands of dollars in taxes. If you receive a gift of $15,000 or less then you do not have to report it! So, if you are sitting on a ton of cash and you feel very generous then feel free to bless someone and struggling company with a $15,000 gift of love.
If you decide to gift Mays Concepts LLC $15,000 for doing an outstanding job on your taxes then you can write it off as a business expense under gifts. (I couldn’t resist)
For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at maysconcepts@gmail.com, or visit/like our Facebook page https://www.facebook.com/MaysCon
Remember, You Can Count On me!
*Source: https://money.usnews.com/money/personal-finance/taxes/articles/gift-tax-tax-rules-to-know-if-you-give-or-receive-cash#:~:text=Cash%20is%20king%2C%20but%20you%20may%20have%20to,Be%20Claimed%2C%20Even%20if%20Paid%20in%20Cash.%20
